USD is losing its IHS neckline today (here's USD fund UUP). So tell me, does this mean that copper is going to hold its neckline after all and oil is bottoming? What about the whole broad asset sphere that we have expected to continue to rise? You mean all this policy maker b/s was just messing with the charts? Is that it? If this stays beneath the neckline, silver out performs gold and junk and emerging market bonds remain in 'risk on' mode, dat would appear to be da case.
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My thoughts exactly. Hard to believe oil is up close to 10% today! Lot's of bottoming action taking place today, however, until I see some elephant tracks by the smart money with advancers exceeding decliners by a wider margin, I am cautiously bullish. We could be entering an unhealthy period of narrowing breadth.
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